Lumen Technologies (NYSE:LUMN) Stock Price Down 8.7% – Here’s Why

Lumen Technologies, Inc. (NYSE:LUMN)’s stock price traded down 8.7% during mid-day trading on Tuesday . The stock traded as low as $4.61 and last traded at $4.44. 1,649,783 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 18,313,282 shares. The stock had previously closed at $4.86.

Analysts Set New Price Targets

LUMN has been the subject of several research reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $4.25 price target on shares of Lumen Technologies in a research report on Monday, February 10th. Citigroup raised shares of Lumen Technologies from a “neutral” rating to a “buy” rating and reduced their target price for the company from $8.00 to $6.50 in a report on Wednesday, February 26th. Finally, Wells Fargo & Company upgraded shares of Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 price target on the stock in a research report on Friday, February 21st. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $4.59.

Lumen Technologies Price Performance

The firm’s fifty day simple moving average is $4.95 and its two-hundred day simple moving average is $6.06. The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 37.70. The firm has a market cap of $4.22 billion, a PE ratio of -83.28 and a beta of 1.28.

Lumen Technologies (NYSE:LUMN) last issued its earnings results on Tuesday, February 4th. The technology company reported $0.09 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.14. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. As a group, research analysts expect that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

Institutional Trading of Lumen Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Lumen Technologies during the fourth quarter valued at approximately $63,638,000. Hennessy Advisors Inc. bought a new stake in Lumen Technologies in the fourth quarter worth $45,089,000. Dimensional Fund Advisors LP raised its stake in Lumen Technologies by 368.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,812,495 shares of the technology company’s stock valued at $52,111,000 after purchasing an additional 7,717,596 shares in the last quarter. Renaissance Technologies LLC lifted its position in Lumen Technologies by 76.3% during the fourth quarter. Renaissance Technologies LLC now owns 11,664,009 shares of the technology company’s stock valued at $61,936,000 after purchasing an additional 5,049,709 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of Lumen Technologies by 474.8% in the 4th quarter. Millennium Management LLC now owns 5,744,368 shares of the technology company’s stock worth $30,503,000 after buying an additional 4,745,040 shares in the last quarter. Institutional investors own 66.19% of the company’s stock.

About Lumen Technologies

Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets. It offers dark fiber, edge cloud services, internet protocol, managed security, software-defined wide area networks, secure access service edge, unified communications and collaboration, and optical wavelengths services; ethernet and VPN data networks services; and legacy services to manage cash flow, including time division multiplexing voice, private line, and other legacy services, as well as sells communication equipment, and IT solutions.